Billy Libby is the co-founder of Upper90, a firm that invests in a hybrid of debt and equity in early stage technology companies to help founders scale efficiently. Billy partnered with Jason Finger, the founder of Seamless, to address a capital structure inefficiency in the venture world. Upper90 has deployed a $1 billion of capital for an LP base of more than 300 entrepreneurs. Our conversation covers Billy’s background in electronic trading, formation of an investment club that brought together quantitative investors and tech founders, and the evolution of that club into Upper90.  We discuss Upper90s approach to investing in tech start-ups, use of data to find lendable opportunities, sourcing and diligence of deals, and lots of examples along the way. Learn More‍ Follow Ted on Twitter at @tseides or LinkedIn‍ Subscribe to the mailing list‍ Access Transcript with Premium Membership‍

Larry Kochard is the CIO at Makena Capital Management, a $20 billion OCIO formed by senior executives from the Stanford Management Company in 2005. Larry joined Makena in 2018, following a storied career serving as CEO and CIO of University of Virginia Investment Management Company, as the first CIO at Georgetown University, and as Managing Director of Equity and Hedge Fund Investments for the Virginia Retirement System. He was an early guest on Capital Allocators discussing his path, and that conversation is replayed in the feed. This time around we discuss Larry’s transition to Makena, the differences between leading endowments and an OCIO, and his perspective on specialist versus generalist teams. We then dive into different investment opportunities across crossover funds, hedge funds, co-investments, REITs, venture capital, emerging markets, real assets, and crypto. We close with Larry’s take on market risks, opportunities, and managing his team. Learn More‍ Follow Ted on Twitter at @tseides or LinkedIn‍ Subscribe to the mailing list‍ Access Transcript with Premium Membership‍